According to several surveys, millions of employees worldwide are planning to leave their jobs in the coming months.
While executives strategise ways to urgently retain or attract talent, the solution to overcome this “Great Resignation” could simply be providing an authentic, impactful, and proactive employee experience from the candidate stage to career development.
The Great Resignation
Although expected, it is still hard to accept that we are seeing yet another wave of great resignation all over the globe.
In the United States, the nationwide resignation rate went up to 3% in September. Roughly 4.4 million people quit their jobs in that month alone, a record high number.
A worker survey by Prudential Financial stated that one in four employees in the US are planning to change jobs once the pandemic slows down.
In the UK, another research by Personio reported that four out of 10 employees in the UK and Ireland are planning to find new roles in the next six to 12 months, which would cost businesses over £17 billion.
Similarly, in Singapore, over 49% of the workforce is considering leaving their employer in 2021, per Microsoft’s Work Trend Index report.
In some countries, especially in Asia, employees are keener to take on freelance opportunities offering work flexibility and higher salaries. More jobs are indeed being generated, but filling jobs is only the starting point of the global talent challenge.
Why are employees resigning?
The “why” for the great resignation is the important thing to focus on. Why are employees resigning? Then, what can employers do to retain their employees? There is no one answer to these questions. Various reports have cited these main reasons:
- In search of better opportunities
- Lack of work flexibility
- Poor or worsening work-life balance
- Poor working conditions
- Fear of contracting Covid-19
- Lack of job security and growth
- Burnout in the workplace due to toxic culture and disengaging managers
- Reduction in employee benefits
The reasons strongly suggest that employees are fed up with having to compromise with low standards when they know they deserve far better. As the great resignation unfolds, it will cost billions, and disrupt the world of work in an unprecedented way. So, how exactly do we counter it?
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Candidate care done the right way
Job candidates these days are asking more complex questions and are more mindful of what they are looking for from a potential employer.
For Phil, an efficient and empathetic candidate experience should be part of every organisation’s DNA. “It has always been important, but now, it is crucial to provide better candidate care or organisations risk losing top candidates.
Nowadays, candidates will vote very quickly with their feet and share their unpleasant experiences along the way,” he says.
Well-executed candidate care can help to build a strong company culture that attracts and retains top talent, especially when technology is suitably integrated.
“You can enhance the candidate experience by simply acknowledging every application in real-time, sharing updates on the job or links to other suitable jobs. These touchpoints can be automated, which can create value for the candidate.
Technology is here to assist the recruitment process so we can free up more time to give the value of the human touch in the recruitment process,” Philip says.
The recruitment stage is a great vantage point to hear and learn what candidates are looking for in an employer. Most candidates today are less likely to compromise, and organisations that do not meet their demands could be at a serious disadvantage.
Employee care inside and outside of the office
Employee care should positively impact an employee’s life both inside and outside the office.
One such example is when u&u. Recruitment Partners, a Will member company, announced in October 2020 that they would pay the superannuation of employees on maternity leave in full.
“In many Aussie families, women remain the primary carers, which means they spend far more time out of the workforce than men and are more likely to return to work part-time.
We’re super sick of this super gap. We’re committed to doing what we can to support our u&u crew at every stage of their lives,” says Craig Sneesby, Managing Director of u&u. Recruitment Partners.
According to a report by Industry SuperFunds, on average, female workers in Australia retire with $67,000 less than male workers. u&u’s initiative is a big step forward in closing this gap that has affected millions of female Aussie employees for decades.
The company even went the extra mile to provide vouchers to employees for purchasing baby items and essentials.
Other than improved benefits, employees also react positively with:
- Shared values between employees and employers.
- Work flexibility to help employees improve their work-life balance and to assess what factors engage and disengage them when working.
- Career mobility and transparency help employees get a strong sense of how they can grow as professionals and how their organisations will support them throughout their journey. Reskilling and upskilling programs align with this.
- Redefined methods of measuring workforce productivity that employees can align with and encourage them to take ownership of their work.
- Better health and mental health benefits help employees establish a healthier lifestyle in and out of the office.
Giants in different industries are incorporating these ideas into their business DNA. No matter their reason, every decision should be made because it’s the right thing to do for employees.
Great Resignation or Great Revitalisation?
All the talk surrounding the Great Resignation drove employers to be defensive. No one can predict how new developments surrounding the Great Resignation might present themselves.
It is increasingly important for organisations to think of ways to retain and attract employees by improving their experiences.
Business leaders and employers out there have to start asking themselves the most fundamental question, “How can I better take care of my candidates and employees?”
This article is contributed by Will International.